GBP Group to invest Rs 600 cr in township project at Zirakpur

New Delhi: Punjab-based real estate player GBP Group has announced an investment of Rs 600 crore its new township project ‘Central Town’ in Zirakpur. The project will be spread over 32 acres.

The project will be funded partly by way of internal accruals and partially by way of banks funding and sales. The township will comprise residential properties, plots and commercial complex. The low-rise township will have 700-800 residential properties like 2 & 3 BHK, S+3 independent floors and luxury villas. There will also be around 400 plots ranging from 100 to 213 square yards, the company said in a statement. 

The commercial complex wilbe spread over 11 acres and will have 250 showrooms. There will be 750 lower ground, ground and first floor units. 

The total built-up area of the project would be around 15 lakh square feet besides plotting. The group plans to give possession of plots within 6-9 months, residential units within 2-3 years, commercial units in 18-24 months.

Group proposes to develop the commercial complex as the hub of food joints, clubs, restaurants, bars, banks, wellness clinics, etc for catering to around 20,000 neighbourhood population. 

“In the surrounding areas of Chandigarh, prices are three times as compared to prices in Zirakpur. The population growth of Zirakpur is 3.5 percent annually as compared to the nearby regions' population growth of 2.5 percent. So there is a huge upcoming requirement of real estate in this area. Central Town is in the heart of the city with the most approachable location near National Ambala Highway and in between Peer Muchalla, Sector 20, Panchkula,” says Raman Gupta, Director – Branding & Construction, GBP Group.

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